Happy day! You’ve gone and had your offer accepted for your brand new dream condo or house. But wait! A few days have passed and you’ve got a bad case of buyer’s remorse. What to do now? Well, if you live in BC, you may simply rescind your offer in the first seven days after your offer was accepted or you received the developer’s Disclosure Statement – whichever was later. Rights of Rescission are part of the Real Estate Development Marketing Act (REDMA) and apply to most new development properties in BC. There are exemptions to this rule so check with your local knowledgeable REALTOR® for full details on how the laws work for a particular property. An excerpt from the Real Estate Development Marketing Act:
Under section 21 of the Real Estate Development Marketing Act, the purchaser or lessee of a development unit may rescind (cancel) the contract of purchase and sale or contract to lease by serving written notice on the developer or the developer’s brokerage, within 7 days after the later of the date the contract was entered into or the date the purchaser or lessee received a copy of this Disclosure Statement.
I welcome any questions you may have about selling or buying.
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